Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,270/mo
Lowest payment- Down payment
- $393,026
- Funds due
- $405,981
- Interest + MI left
- $70,558
- First ends
- Aug 2051
Assumption
Assumption + second
$3,677/mo
+$2,407/mo- Down payment
- $57,026
- Funds due
- $71,874
- Interest + MI left
- $601,130
- First ends
- Aug 2051
New loan
New conventional
$3,994/mo
+$2,723/mo- Down payment
- $57,026
- Funds due
- $68,533
- Interest + MI left
- $742,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,974 | $171,974 | $507,974 |
| Second mortgage | — | $336,000 | — |
| First P&I | $819.37 | $819.37 | $3,441.19 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | — | — | $101.59 |
| Taxes, insurance & HOA | $450.84 | $450.84 | $450.84 |
| Total housing payment | $1,270.20 | $3,677.35 | $3,993.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,026
Closing costs & prepaids$14,848
Usable credit−$0
Total buyer cash needed$71,874
Earnest money paid−$0
Remaining funds due$71,874
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$859.87
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$678.00
Initial HOA (3 months)$174.51
Prepaid interest, first (9 days)$125.52
Prepaid interest, second (9 days)$642.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 8 moOf the original 30-year loan at 2.96%
Interest already paid$29,071Through Dec 2026
Assumption only · ends Aug 2051$70,558
Assumption + second · ends Aug 2051, second Jan 2057$601,130
New conventional · ends Jan 2057$742,742